From owner-operators to major fleets, the trucking industry is one that faces many risks. Whether it’s employee injury and illness or damage to your trucks, the right insurance protection is important.
For the trucking industry specifically, insurance can quickly become one of the most complicated aspects of business because your coverages and premiums are dependent on so many things. Everything from the age of your drivers and vehicles to the type of materials you are transporting is a factor.
Because this can be complex, let us help break down some of the more common coverages you should consider:
Physical Damage. This coverage protects your trucks and trailers. This coverage is not always required by law but would be required if your property is leased or financed. Physical damage coverage helps to cover the costs associated with any damage and repairs that may be needed as the result of a covered loss such as a broken windshield or damaged axel. It could also come in handy in the event of a total loss, helping you to recoup costs.
Primary Auto Liability. Protecting you when a third party is injured in an accident, this coverage is almost always required by law. It protects you from the costs associated with a bodily injury or property damage to a third party and costs for a lawsuit that may arise from the accident.
General Liability. Accidents don’t always involve your trucks. A customer could slip and fall at your business, there’s advertisement or contractual exposures, and more. All these things could result in your business being financially responsible for property damage or bodily injury costs and this coverage helps protect you financially by covering costs associated with a covered loss including attorney fees.
Workers’ Compensation. Trucking is an industry with many rules when it comes to protecting drivers. From maximum drive times to required stretching and breaks, there are a lot of checks and balances in place to prevent employee injury and illness. However, we can’t predict everything, and sometimes work-related injury or illness occurs. Workers’ Compensation is there to help cover the costs associated with medical bills, lost wages, and even lawsuits that may occur from the work-related injury.
Cyber Liability Insurance.Cyber attacks are becoming more common every day. Your business most likely stores information about employees and clients as well as fleet information. If that sensitive data were to be leaked as a result of a cyber-attack, you could be liable. Cyber liability insurance is there to help financially when it comes to the fall out.
There are other coverages that are specific to the trucking industry that you may want to consider as well. These include:
Deadhead or Bobtail Insurance. This coverage helps cover the costs associated with accidents that occur when a drive is not under dispatch.
Trailer Interchange. This coverage helps cover the costs associated with accidents that occur when you are pulling a trailer that isn’t yours, but you are contractually responsible.
Cargo Coverage. This coverage helps cover the costs associated with damages or losses associated to freight in transit.
Your business is trucking and transport, you don’t need to be insurance experts too. Here at Gannon Associates Insurance, we take the time to get to know you and your business. We work with our carrier partners – some of the most trusted names in the industry – to put together the right insurance package for your unique needs.